Kraken's Jesse Powell: Banks are the Biggest Hurdle for Bitcoin Businesses

Kraken's Jesse Powell: Banks are the Biggest Hurdle for Bitcoin Businesses

Even though Kraken is based in the US and facilitates exchanges between a number of different cryptocurrencies, its customer base is decidedly euro-driven. In fact, according to BitcoinAverage, Kraken has over 50% of the EUR/BTC market. That makes it the largest player in that trading pair. Due to regulatory issues in the US (which has 50 different states with 50 different ideas about money transmission), Kraken leans on its European banking partnership with Germany-based Fidor. Even with that geographic bent, being San Francisco-based has had benefits for Kraken, and, in March, the....


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Quotes

The early days of the internet was like this scary thing, all gambling, and porn and you couldn't even transact on there. And then nice walled gardens came along and made everyone quite comfortable with it, which may be like banks and financial institutions are doing now. But it kind of misses the point. The idea of the web and the internet is supposed to be open to everyone.

Paul Gordon, CEO of Quantave